Honiton leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Honiton. Before I get started I would like to find out the remaining lease term.
If the lease is registered - and most are in Honiton - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Estate agents have just been given the go-ahead to market my basement apartment in Honiton.Conveyancing is yet to be initiated but I have just had a half-yearly service charge demand – what should I do?
The sensible thing to do is clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am a negotiator for a reputable estate agent office in Honiton where we see a number of flat sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Honiton conveyancing firms. Could you clarify whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Can you offer any advice when it comes to choosing a Honiton conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Honiton conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Honiton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- If the firm is not ALEP accredited then why not?
If all goes to plan we aim to complete our sale of a £200000 apartment in Honiton next Tuesday . The freeholder has quoted £324 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Honiton?
Honiton conveyancing on leasehold flats normally necessitates the buyer’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions the majority will be willing to do so. They are entitled charge a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some transactions it exceeds £800. The management information fee required by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, without which the invoice is not strictly payable. In reality you have no option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
Honiton Leasehold Conveyancing - Sample of Questions you should consider before buying
This information is important as a) areas may cause problems in the building as the communal areas may start to deteriorate where services are not paid for b) if the leaseholders have a dispute with the running of the building you will need to have complete disclosure
Does this lease have more than 82 years remaining?
It would be wise to discover as much as you can regarding the company managing the building as they will affect your use and enjoyment of the property. As the owner of a leasehold property you will be in the clutches of the managing agents from a financial perspective and when it comes to day to day matters such as the tidiness of the communal areas. Don't be afraid to ask other people whether they are happy with them. On a final note, investigate as to the dates that you are obliged pay the maintenance charge to the relevant party and specifically what it includes.